(A) A gift made in a manner prescribed in this article is irrevocable and conveys to the minor indefeasibly vested legal title to the security, life insurance policy, annuity contract, money, real estate or any other property given, but no guardian of the minor has any right, power, duty or authority with respect to the custodial property except as provided in this article.
(B) By making a gift in a manner prescribed in this article, the donor incorporates in his gift, inter vivos trust instrument or will all provisions of this article and grants to the custodian and to any issuer, transfer agent, bank, life insurance company, broker or third person, dealing with a person designated as custodian the respective powers, rights and immunities provided in this article.
HISTORY: 2008 Act No. 361, Section 2.